Question
Journalize the entries to record the following selected bond investment transactions for Dip, Inc. You MUST use the accounts outlined in the Chapter 15
Journalize the entries to record the following selected bond investment transactions for Dip, Inc. You MUST use the accounts outlined in the Chapter 15 narrated PowerPoint presentations - the accounts in your textbook aren't descriptive enough. Journal entry descriptions are not required. Date 4/1/2022 Transaction Description Purchased for cash, $50,000 of Bump, Inc. 9% bonds at 100 plus accrued interest. The bonds pay interest on January 31st and July 31st. Received the semiannual interest payment. Sold $20,000 of bonds at 104 plus accrued interest. 7/31/2022 10/31/2022 12/31/2022 Accrued interest. 12/31/2022 12/31/2023 Marked the debt investments to a market value of $34,000. The debt investments are classified as available for sale investments. Market the debt investments to a market value of $31,000. The debt investments are classified as available for sale investments.
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